Cardano’s ADA coin price is up ahead of the blockchain platform’s Alonzo upgrade
On Friday, the public blockchain platform Cardano’s (ADA) token has broken through the $2 threshold and almost leveled the digital asset’s all-time high price a few months back. This is ahead of the platform’s upgrade that by the time...
On Friday, the public blockchain platform Cardano’s (ADA) token has broken through the $2 threshold and almost leveled the digital asset’s all-time high price a few months back. This is ahead of the platform’s upgrade that by the time it goes live, it will boost the project’s smart contract solutions making it more advanced and fully functional.
Cardano’s ADA price surge
Cardano’s ADA rallied to $2.08 ($2.12 as of writing) at around 9:00 A.M. Friday. It can be recalled that in May, the coin reached its highest amounting to $2.31. For 24 hours, ADA’s price rose by 16 percent and this resulted in pushing Cardano’s market capitalization to $65 billion ($67.8 billion as of writing). This puts Cardano in a tight race against tether (USDT) and Binance coin (BNB) for third place among all cryptocurrencies in terms of market value. That amount made Cardano up by 3.3 percent among all +10,000 crypto assets worth $1.9 trillion.
- Advertisement -
It’s worth noting that while Cardano surged 16 percent, the crypto asset is also up by over 45 percent during the last seven days. Also, the one month statistics reveal that the coin is up by 61 percent, and for its year-to-date, ADA had a 1,365 percent gain. Impressive indeed.
Alonzo launch date
The Head of Delivery for Cardano – Nigel Hemsley revealed in a video from developer Input Output that the Alonzo upgrade now has a date as it will be officially launched on September 12. That said, the smart contract functionality will enable Cardano to introduce more applications like the decentralized finance platforms that allow automated cryptocurrency trading and lending. The incoming system tweak could make the network a worthy challenger to the current leader in terms of smart contract functionality – Ethereum.
CEX.IO’s Head of Data Analytics Yuri Mazur stated in his email that “any growth in the price of cryptocurrencies is either directly caused by positive news driving up sentiments among buyers or a growth in tandem with the overall market trend.” Further, he noted, “Cardano’s highly anticipated Alonzo upgrade is also a good reason for investors to stack up the coin.”
To address critics
The recent price surge of Cardano was a first in three months as its chief developer announced a definite date on when the so-called Alonzo update will be released. Aside from the above-mentioned smart contract full functionality that will be brought upon by the incoming upgrade, this is also to address Cardano skeptics that criticized the said functionality as one of the network’s notable deficit.
There’s even this betting game going on about whether Cardano can roll out the smart contract functionality by October 1. Reports suggest that the betting contract that pays out $1 of the USDC stablecoin if Cardano beats the deadline was trading at $0.85.
Cardano was started by Charles Hoskinson – the Ethereum co-founder as it aims to compete with the said network and other decentralized application platforms but as an openly more scalable, efficient, and secure alternative.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
